Know The Basics Of The Pradhan Mantri Kisan Maandhan Yojana

Prime Minister Narendra Modi introduced the Pradhan Mantri Kisan Maan Dhan Yojana in Ranchi, Jharkhand. This is a Central Sector Scheme managed by the Cooperation & Farmers Welfare, Department of Agriculture, Ministry of Agriculture & Farmers' Welfare, and the Government of India in collaboration with the Life Insurance Corporation of India (LIC). LIC manages the Annuity Fund for the PM Kisan Maan-Dhan Yojana, which pays an assured monthly pension of Rs. 3000/- to all small and marginal farmers (with cultivable land of up to 2 hectares) beyond the age of 60. This plan was implemented in order to protect the livelihoods of small and marginal farmers in India.

The Scheme's Advantages

On reaching the age of 60, small and marginal farmers are entitled to a minimum fixed pension of Rs.3,000/-, subject to specific exclusion conditions. It is a pension plan that is both voluntary and contributory.
The qualifying farmer must contribute to a Pension Fund in the range of Rs.55 to Rs.200 per month, depending on his or her entering age. In addition, the Central Government contributes an equivalent amount to the Pension Fund.

The Scheme's Eligibility

• Small and marginal farmer (SMF) - a farmer with cultivable land of up to 2 hectares according to the land records of the relevant State/UT.
• Age range: 18 to 40 years

Farmers Who Do Not Qualify for the Scheme

Farmers in the following categories have been included in the exclusion criteria:

• SMFs are covered by any other statutorily mandated social security schemes, such as the National Pension Plan (NPS), the Employees' State Insurance Corporation scheme, the Employees' Fund Organization Scheme, and so forth.
• Farmers who have chosen to participate in the Pradhan Mantri Shram Yogi Maan Dhan Yojana (PM-SYM) run by the Ministry of Labour and Employment
• Farmers who have chosen to participate in the Pradhan Mantri Laghu Vyapari Man-dhan Yojana (PM-LVM) managed by the Ministry of Labour & Employment
• Furthermore, the following groups of higher-income recipients will be ineligible for benefits under the scheme:
• All institutional landowners, as well as former and current constitutional officeholders
• Previous and current Ministers/State Ministers, former and present Members of Lok Sabha/ Rajya Sabha/ State Legislative Assemblies/ State Legislative Councils, former and present Mayors of Municipal Corporations, former and present District Panchayat Chairpersons
• All serving or retired officers and employees of Central/State Government Ministries/Offices/Departments and their field units, Central or State PSEs and Attached offices/Autonomous Institutions under Government, as well as regular employees of Local Bodies (Excluding Multi Tasking Staff / Class IV/Group D employees)
• Professionals such as Doctors, Engineers, Lawyers, Chartered Accountants, and Architects registered with professional organizations and practiced their trade.

Take Away

Enrollment in the Scheme can be accomplished by self-registration online or at Common Service Centers located throughout the states. Enrollment is free of charge. Enrollment via the Common Service Center. Farmers can register at their local Common Service Centers (CSCs). The government would bear the Rs.30/- enrollment fee levied by the Common Service Centers.

Also read: What Are Pension Plans And What Are Their Advantages?

How Can Annuity Plans Help You Achieve Financial Goals?